Is Morrison, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morrison is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Morrison has remained a Seller's Market.

Key Takeaway

Morrison is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Morrison, IL

How much do homes in Morrison, IL cost?

Median Sold Price

$129,900

$87/sqft

Based on all homes sold in the last 12 months.

The Median Sold Price hasn't changed since October 2023.

Key Takeaway

The sold price of homes in Morrison has remained the same since last year.

Summary: The median home sold price in Morrison was $129,900 in October 2024, the same as last year, and the median price per square foot was $87.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $81.3K$79.4K
-2.3%
2 $81.2K$85.5K
+5.3%
3 $119.9K$145K
+20.9%
4 $175K$157K
-10.3%
5+ $273.5K$175K
-36.0%

Summary: Morrison housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.3%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 20.9%, 4 bedroom homes decreased by 10.3%, and 5+ bedroom homes decreased by 36%.

Median Sold Price Compared To Nearby Cities

Mount Pleasant Township
+3.3%
Morrison
0.0%

Housing Supply in Morrison, IL

How many homes are available in Morrison, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3837-2.6%

Summary: The Morrison real estate market had 37 homes for sale in October 2024, a 2.6% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 01
+100.0%
2 58
+60.0%
3 2118
-14.3%
4 1210
-16.7%
5+ 00
0.0%

Summary: The Morrison housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 60%, 3 bedroom homes decreased by 14.3%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
119-18.2%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morrison, you may be able to get a good deal. 88.9% of homes here sold below asking price last month.

Summary: A total of 9 homes were sold or pending in Morrison in October 2024, down by 18.2% month-over-month. Of the 9 sold homes, 89% were sold under asking, 11% were sold at asking, and 0% were sold over asking.

Days on Market for Morrison, IL

How long does it take to sell a home in Morrison, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
69 Days22 Days-66.8%

Summary: Homes in Morrison had an average of 22 days on market in Oct 2024, down by 66.8% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Morrison are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 9 homes were sold in Morrison; 56% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 16 Days Ago

Newest Listings in Morrison, IL

Nearby Markets to Morrison, IL

What housing markets are near Morrison, IL?